Financial
Prescribing Directive: Articles VII and VIII, OHHA By-laws, and Article VI, OHHA CC&Rs
A. Budget
The Treasurer will oversee preparation of the annual plan for expenses based on committee needs and/or directives from the BOD. When approved at the annual business meeting of OHHA, this will be the basis for the yearly assessment charged to each homeowner. Included in the plan will be the amount (5% of budget) for contingency expenses. Any surplus checking or operating savings amounts remaining at the close of the prior fiscal year will be shown as an entry carried forward to the new fiscal year. Such amount(s) serve as a credit against anticipated costs of the total budget proposed.
B. Late Charges and/or Unpaid Assessment Interest
Any shareholder paying the annual assessment after the due date shown on the assessment invoice will be charged a late fee of 12% of the amount invoiced. This amount will be added to the assessment charge. Thirty (30) days beyond the original billing date, unless specific arrangements are otherwise made, unpaid assessments and late charges will bear interest accruing monthly at an annual rate of 12%. Actions by Small Claims Court (liens or judgments) will be pursued vigorously when interest charges commence.
C. Capital Improvement Project
The term “Capital Improvement Project” (CIP) refers to the maintenance, repair and/or replacement of existing or original equipment, furniture, facilities, etc. Any expenditure for new facilities or equipment, such as a basketball court or pool shade cover, requires a Special Assessment vote (see Long Range Planning).
D. Rental of Clubhouse and Pool
The clubhouse and pool are intended for association members' use only. There is no charge for OHHA members and their immediate family using these facilities for non-exclusive social purposes. Non-members who are guests of members are allowed to use the clubhouse and pool, provided the number of non-members does not exceed six (6), and only in the company of an adult member. When an association member knows or anticipates this number will be exceeded, the member must reserve the clubhouse and/or the pool and remit the appropriate rental fee for such exclusive use.
Contact the OHHA Treasurer at least seven (7) days in advance to schedule rentals. If the Treasurer cannot be reached, contact the Vice President. For 1-4 hours the clubhouse rental is $25; the pool rental is $35; both are $50. For 5-8 hours the clubhouse rental is $35; the pool rental is $50; both are $75. The rental payment is due at the same time of the reservation. (NOTE: The pool may not be rented for private parties on Memorial Day, Independence Day, or Labor Day.) The OHHA member renting the facility is responsible for the conduct of persons using the facilities, as well as all cleanup and damage repair costs.
E. Transfer Fee
The purchaser of a re-sale home or otherwise improved plat will be charged a Transfer Fee of $50.00 to cover our costs for document reproduction and administrative efforts. The Title Company handling the closing will collect this fee from Purchaser. This collection will not apply to transfers of title from Developer to Contractor. It does apply to transfers of title resulting from new construction being sold by a contractor or developer.
F. General
The Treasurer (OHHA) maintains two separate banking accounts - a Checking Account and a Savings Account. All income, regardless of source, is deposited in a two section Savings Account. One section is used as the repository of general savings and the other the savings deposited for the Capital Improvement Plan (CIP). The CIP fund also includes long-term investments such as Certificate of Deposit. From time to time, transfers of monies from general savings into Checking are made as needed to support monthly expenses.